US Soybean Exports To China Fall

Sunday, January 10th, 2021 -- 9:29 AM

U.S. soybean exports to China fell just shy of topping the single-month record set in November 2013, according to the latest U.S. Census Bureau data.

Soybeans have been at the heart of the U.S.-China trade war, now approaching its third anniversary.  Soybeans matter because the United States has sold more than 50% of all its soybean exports to China since 2008, with only one exception.  Forbes reports that the year President Trump was elected, China accounted for better than 62% of the $22.88 billion total.  China, the world's largest producer, importer and consumer of pork, uses soybeans to, among other things, feed its pigs.

While Trump issued broad-brush tariffs on up to $370 billion in U.S. imports from China, President Xi Jinping's used a laser-like approach. Most prominent among those strikes was the one at soybeans and America's so-called "red states," Republican-dominated states where soybeans are grown. (USAgNet)

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